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Search Results 0 to 29 of about 30 (some duplicates have been removed)
." thank you. gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping t
now!" >> there is no justification to cut security benefits. no to throwing seniors of the fiscal cliff. no to a cat food christmas. >> as president obama meets with congressional leaders at the white house, we speak outgoing democratic congress member dennis kucinich about the so- called fiscal cliff and a bill to continue the controversial domestic surveillance program. then, will the government -- of nerve north carolina pardon the wilmington 10? >> it is not a secret an injustice has been done. now, governor perdue has an opportunity to right the wrong. we cannot go back to 1980. this is 2012. >> the north carolina governor is being urged to pardon a group of civil rights activists were falsely convicted and imprisoned 40 years ago for the firebombing of a white owned grocery store. the conviction was overturned in 1980, but the state has never pardon them. we will speak with one of the wilmington 10 who served eight years behind bars and it became head of the naacp. all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy g
would be spent on eliminating the fiscal cliff automatic spending cuts and extending unemployment checks. is it true not a dial would go to cutting the real problem, the debt and deficit? >> yeah. in one scenario that is absolutely the case. we shouldn't actually be surprised. it has been clear at least for a short amount of time that this hasn't been the goal of these discussions. i mean for all the talk about deficit reduction and despite the fact that this began as an effort to rein in spending after the 2010 elections, it is clear democrats in the house and senate, i would argue the president, haven't been serious about long-term spending cuts. gregg: maybe they're not serious, you know, they see a political benefit to literally going over the fiscal cliff? >> yeah. i think there's, obvious political incentive for the president to go over the fiscal cliff at this point. if you think where we will be in just two days, and you're the president of the united states looking back on this, taxes will have gone up, defense cuts his uniform military have warned against will begin to be imple
will be checking in with erica in just a few minutes but before we get to erica let us talk about the fiscal cliff we are in the final hours from keeping lawmakers from going over that so- called fiscal cliff. >> economist there that the combination of automatic spending cuts and tax increases could trigger a new recession. >> and spencer explains how negotiations today must now overcome a " major setback. >> there will be part of it that i find disgusting rest principle which i may have to swallow in the name of compromise. be a rare session on capitol hill. >> the senate will come to order. >> as lawmakers try to avoid the so-called fiscal cliff. >> both sides agreed to push forward. >> i want everyone to know i am willing to go the distance. but i need a dance partner. >> vice-president joe biden departure for mcconnell. >> if is not resolved by midnight tonight tax increases will be for all americans. >> one mom said to me in michigan that is four months' worth of groceries. >> that is gas for me back and forth to work. >> democrats won higher taxes on americans earning more than two of the $5
from both parties to the white house today as a last ditch effort to avoid the fiscal cliff. he cut short his hawaii vacation to return to washington and coming up, signs that president obama maybe reaching out to another republican leader after his negotiations with house speaker john boehner did not result in a deal. >> well, traffic don't in downtown san francisco could grind to a halt. that's because today is the last scheduled critical mass event for the year. for those new to the area, on the last friday of every month, dozens of cyclists ride alightning the waterfront and down market street and drivers are always advised to expect delays. >> peeking of, we haven't really seen any this morning. let's go to tara and see if that changed. >> no, the same story. maybe a lot of folks headed up to the tahoe area. maybe they already left as a matter of fact because the skiing is going to be pretty good up there. right now i want to show you my maps so you can see exactly what i'm talking about up here. the roadways are completely clear and in livermore the same story. overall a very
about leading to the fiscal cliff. you have the payroll tax cut that will expire, and nobody is talking about extending back. that is one that will give it the biggest bang for the buck economic allies. it helps americans the most. host: come out of the cliff are we cutting off, and how much will it -- and how much will we be going off? guest: you're staring at 1 cliff surely, that is 2% of every wage earner but to every $110,000 or so. that will have a pretty dramatic economic impact. beyond that, you'll be approaching a debt ceiling cliff which is another standoff. i assume that is where we will get most of the discussion on spending cuts. that seems to be absent from whatever deal they will be talking about. guest: another way to think about it -- if there is no deal at all, the $600 billion in cliff-related tax increases and spending cuts, if they have some kind of deal, we're talking about $200 billion or so. what we're talking about here is probably the wrong fiscal policy given the time. something in between that, maybe the minimum of $200 billion and the maximum of $600 billion.
donald >>> peering over the "fiscal cliff," lawmakers have just hours to prevent tax hikes and spending cuts. is there any hope for a deal? >> reporter: firefighters are calling a house fire in san francisco's excelsior district suspicious. we'll tell you why in just a few moments. >> it's a frosty start to this last day of 2012. what about rain? could we see that on new year's eve? weta
want to see a fiscal cliff deal. if it cuts the heck out of all kind of programs, then you can have a deal that is actually a real drag on the recovery as well. maybe not a recession, but a slower year than we otherwise would and slow growth. again, there's two percentage points in the payroll tax scheduled to increase on january 1. if you look at how negotiations are going, it looks like it's going to happen. the typical family's taxes by $1,000 over the course of a year. >> the final one, we are talking debt ceiling. you think the fiscal cliff thing is bad for the economy. you wait and see if they can't get the debt ceiling worked out. >> right. it's one thing to go over the fiscal cliff. that would be bad. we don't want to it happen. a recession may happen. it would be unfortunate. it's different than the u.s. defaulting on the debt. you know, we saw that back in august, 2011, we saw the downgrade of the credit rating. just by having the threat of not approving the debt ceiling increase and the possibility of default. it comes around again at the end of february, beginning of mar
of the program. he was introducing a bill to soften the landing if the nation goes over the fiscal cliff. the calm act.thit it would allow omb to substitute sequester cuts. more than $100 billion in budget cuts across the board. that is something the new congress will have to deal with. less than 17 hours before the deadline. ellen is joining us from washington, d.c. caller: good morning. i did nothing speaker boehner wanted to cut a deal with the democrats anyway. all this stuff is around president bush. it's not all on obama. host: ok. thank you for the call. harry reid said this yesterday. [video clip] >> the republicans have taken the benefit cuts off the table. there is still significant distance between the two sides but negotiations continue. there is still time left to reach an agreement. host: those negotiations moved into the evening. the house coming back at 9:00 p.m. eastern for morning business. votes would happen sometime after 10:00 a.m. front-page of "the new york times." let me read a few sentences. host: that is the front page of "the new york times." good morning from
. cutting his vacation in hawaii sure to tackle the fiscal cliff. reports calling the possibility of a deal before the new year "virtually impossible." let's bring in former press secretary to al gore and we also have brad blakeman. they are both joining us from washington, d.c. "the house has already passed legislation to avoid the fiscal cliff, but senate democrats have not." what do you make of that feedback they are having what amounts to a staring contest right now. it is legislation that would keep tax cuts for those making under $250,000 a year. the house does not have any plans to come back before january 1. liz: the house does have a bill that would not hurt small businesses and the job creators in this country. for some reason they seem to be avoiding that very important issue for the u.s. economy. >> what i make of it is, it all goes back to the leadership of the president. the president created this crisis. remember, he was the one who had a bipartisan commission on the debt. they came back with their proposals. two years ago, the president could have avoided all of this by havi
are 10 hours before we reached the so-called fiscal cliff. that government-imposed deadline for tax cuts, also sequestration. they will go into effect for 2013 unless a compromise is reached. the president says we are close, but there is no final deal. some of our twitter comments -- richard is joining us from ohio. republican line. caller: thank you. i do not understand what is going on with the unemployment rate and everything else. i have been looking for work for nine months now. the only thing around here is dishwasher, stuff like that. my wife is disabled. there is no money in the household. and yet, they keep wanting to go up and up and up. i have no idea what to do to support my family. i know there are millions of americans out there, people in worse shape than i am. i have no idea where to go next. host: richard, have you talk to your members of congress? caller: >> no, i have not. host: do you think any agreement lawmakers make today will make a difference? caller: honestly, i do not think it will make much of the difference. i thought we was doing good. i got injured on my jo
congress reaches, it will be a big tax cut. but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreemen
into the swipe of things. plus, could a tumble off the fiscal cliff hurt the markets? one trader says don't fall for the hype. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's friday, december 28th. i'm angela miles. in today's first look: watch your neck. the market is a head-turner. yesterday the dow dropped more than 100 points on word out of washington a resolution to the fiscal cliff was unlikely. but president obama returned early from vacation and is said to have a new proposal to offer congress, sparking a rally that left the dow down just 19 points. reports are swirling apple is moving production of its mac mini computers to foxconn plants in the u.s. apple may also be working on a smart watch. and, the new york stock exchange landed the most ipo for 2012. larry levin of trading advantage joins us now. larry, it feels like we are already hanging off that cliff. > > it definitely feels that way. everybody is obviously watching for some kind of news out of washington. that is what has moved the market eve
is cutting short his vacation to hawaii. he is returning to deal with economic matters, the fiscal cliff. if his death has been quietly talking with senate democrats are the christmas holiday to come up with a planned to avert or prevent the cliff. in the meantime, the senate does plan a session tomorrow. perhaps we will hear more about an agreement before the new year's deadline. the house is due tomorrow as well. we do not have an agenda and there. with the fiscal cliffhanging out there heading into the year 2013, do you have optimism or pessimism heading into the new ? you can also send in your comment via twitter, a post a comment on facebook, or write us an e-mail. the theme of optimism or lack of it is prevalent in the papers. wednesday with congress and the president heading back to washington. here is a headline on "usa today." in the wall street journal -- if the in "the washington post." we welcome your phone calls. we will get to them in a moment. we did find another piece at politico. there you have it in the papers this morning about people being optimistic or pessimistic ab
: madam speaker, when chairman bernanke first coined the phase the fiscal cliff he was describing the perfect storm. the fiscal cliff is not only sequestration, the impact of the budget control act, but also includes not limited to the expiration of the bush tax cuts, the unemployment insurance, the s.g.r., the a.m.t. patch, the debt limit, other tax provisions . ergo, the perfect storm. major issues that this republican controlled house will not address until the wealthy are protected. we must address a sufficient number of these provisions to avert the perfect storm. to do so we must work to building the public confidence so we can continue, continue steady growth in the economy and jobs. the true way to avert the cliff. this is why we must do what is best for the middle and working class first. extend the bush tax for the middle class,, tend unemployment insurance, s.g.r., a.m.t. patch, delay the sequestration. those items which we can all agree upon. we've got to get to work. thank you, madam speaker. i yield back the balance of my time. the speaker pro tempore: the gentlelady
that are the other part of the fiscal cliff will likely set in. and then what happens there will maybe be something that democrats and republicans try to deal with in the coming weeks, in the coming months. that means even come say the end of the year here or if we go over the cliff and there's some quick resolution, it's not for everything and we'll be dealing with a lot of these problems for some time, carol. >> what's the president doing in hawaii? >> reporter: the president has been getting in some r and r. he arrived saturday morning. he played golf with some of his buddies. he wept outer with his wife. yesterday he attended the ceremony for senator daniel inn way. and then he went for a hike in the afternoon with his daughters. this may be his one chance for a vacation and you may recall he didn't get one this summer. he decided not to go on his normal vacation in the election year. so this is really it for him. >> brianna keilar, thank you. >>> the gun control debate is intensifying. the nra's executive vice president made the circuit on sunday morning. he went on "meet the press" saying cal
they must know, " a major setback. >> as well marked makers or on avoiding the fiscal cliff. talks get " a major setback over social security benefits. both sides agree to push for. >> i wonder want to know i want to get this done. i need a dance partner. >> vice president joe biden is apparently that person for which mcconnell. >> the two are taking over talks. if nothing is resolved by midnight tonight. tax breaks for all americans will increase. democrats say it will mean about $2,000 for the average middle class family. >> a michigan woman said to me that is a month worth of groceries. also gets up to three years transportation to and from work. >> democrats want taxes to increase for americans earning over to london $50,000. republicans want texas a the same period >> republicans want taxes to stay the same period >> i offered over a trillion dollars in additional spending cuts so that we would have $2 of spending cuts for every $1 of increased revenue. >> the senate reconvenes at 11:00 a.m. so as americans celebrate the beginning of 2013 they may wake up wishing it was 2012 when
over the fiscal cliff must start in the senate. >> gretchen: a lot of people were upset because members of congress just can't seem to get their act together or the president, depending on which side of the fence that you're on of the they were upset that they went on christmas vacations. the president went to hawaii and members of congress went home. both sides said we're going to come back to washington because we've got to solve the situation. i think what so many people are frustrated about is this is an ongoing situation. it's like every year we come to this point where we're talk being this cliff and this is what i think has angered so many voters and why congress has such a low approval rating. >> rick: they also got to this point because of their last time they did this. it was the last debt creating fight that deleted this thing. now they gave themselves an amount of time to work on it you and thought maybe last week there was a little progress being made. turns out there is not. we're back to exactly where we started at and we're eight days out now. >> clayton: you're right ab
announcer ] stop the uh-oh fast with kaopectate. >>> for all we don't know about what a final fiscal cliff bill will look like, we do know it will be minimalist and not address the tough stuff, social security, medicare meaningful defense or cuts, et cetera. a time and phrase for this kind of nonaction. >> that is legislation and political kick the can at its worse. >> kick the can down the road when it comes to solving the larger problem. >> kicking the can down the road. >> in psychology someone who kicks the can down the road is a procrastinator or action phobic. in washington it is often accompanied by chronic wishful thinking. >> in politics, there is always a temptation to kick the can down the road hoping that long-term problems might simply disappear. >> the political version of kick the can is a bipartisan game with variations for every issue there is a can to be kicked. the budget. >> this is the kick the can down the road budget of the democrats. >> the spending bill that just kicks the can down the road and buys the administration time. >> wars. >> kicking the can down the road
their weekly addresses on the so far icalled fiscal cliff. >> hi, everybody feare. it is a balanced plan, one that would protect the middle class, cut spending in a responsible way, and ask the wealthiest americans to pay a little more. i will keep working with anybody who is serious about getting a comprehensive plan like this done. it is the right thing to do for our economic growth. but we are now at the point where in a couple of days, the losses of every american's paycheck will get a lot smaller. -- the law assays that every american's paycheck will get a little smaller. but congress can prevent it from happening, if they act now. we may be able to reach an agreement that can pass both houses in time. but if an agreement is not reached on time, then i will urge the senate to hold an upward bound to vote on a basic package that protects the middle class from an income tax hike, extends vital unemployment insurance for americans looking for a job, and lays the groundwork for future progress. such a proposal could pass both houses with bipartisan majorities, as long as these leaders allow
to remember nancy pelosi and the democrats that voted no voted to go over the fiscal cliff. they have been trying to kill all the bush tax cuts. even mr. obama since 2005 when he was running as a senator. i don't know what your thoughts are about that. i would like to hear about the democrats voted to push us off the fiscal cliff. host: how you pick political heroes? caller: this is a republic and want to see going back to what it was. people are getting knocked off of unemployment in states because their rates went down. we go off this cliff, anybody on extended unemployment will not get a check in january. host: this is gary who chooses ben bernanke. beverly is next from vermont. caller: hello/ ? my choice is the teachers of america. i cannot believe that people did not speak up more for the teachers. they do they hurled job practically every day. host: why are they political heroes? caller: who do you think is going to run the country in the future? this is something that people do not understand. our future is our children. nobody seems to care. my choice is the teachers in america. th
spending, what do you do? >> set the fiscal cliff aside for one moment. you've done extensive research on recovery from recessions. where are we in the current recovery? what in your estimation does 2013 look like from an economic standpoint. >> fairly normal from world war ii financial crisis, housing recovers on cue five or six years later. the good news is that there's stable underlying growth. the bad news is you don't get the zoom you got out of it during the depression. >> we're in year five of a seven year process. >> more than seven years. >> last time you were here you said we were half way through regardless of who wins in 2012. the next four years would not look much better than the past four years. >> we're going to have, i don't know if not very much better than the past four but we're not going to have fantastic growth. unemployment will take many more years to feel normal, so we have many years left in the recovery but hopefully in two or three years we feel like we're moving there and not at the starting point. >> let's talk about the global picture here. you have slow
. this is about an hour. >> good morning. good to see you all. another day of fiscal cliff or fiscal curve, whatever one wants to term it. what we do know is the law is about to change, all the tax cuts from the bush era are about to expire. across the board spending cuts, some $1.2 trillion over the next ten years. so these are significant changes in law about to occur absent action by the congress and by the president. first of all, thank you, bob for that kind introduction. thanks for being so persist nt. i'm glad to have the chance now to come. in reflecting for my fair well address in the senate, i thought back to what motivated me to run for the united states senate. about 48 years ago i came to washington as a 16-year-old, sat in the gallery and watched a debate occur on civil rights. and i thought at the time some day i'd like to do that. i'd like to represent my state and i'd like to debate the great issues of the day. and after that trip i went home and i wrote on the back of an informal that i would run for the united states senate in 1986 or 1988 and i ran in 1986 and won what
republicans are fighting to have a balanced point of view for the fiscal cliff. if the president wants to spend $one. 6 trillion, he should cut the spending by that. it should be 400,000 jobs. people who give us jobs are the people that earn $400,000 and can afford to have a family and pay for employees. i am very grateful for your mentioning the fact he went on 310 campaigns. i was wondering what he was doing when he was not in the office leading. now i understand he was out campaigning. when he does campaign, have you been able to figure out how much he has cost the american taxpayer for the trips he takes? in hawaii, they mentioned he is lazy because he is from hawaii. i am wondering if he spends all his time campaigning. host: it sounds like he might spend time there because it is warmer than washington, d.c. caller: he does not work that much. when he was in chicago in the senate, in the illinois senate, he did not work that hard. he was only marked present. i did not believe that. now i see the way he operates. he does not seem to be doing his job. that is why he spent $6 trillio
. they talked about the need to reach a deal to avert the fiscal cliff. >> i've been working people of both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy. a plan that would protect the middle class, cut spending and ask the wealthiest americans to pay a little bit more. i will keep working with anyone who is serious about getting a comprehensive plan like this done. we are now just -- all tax rates are going up. a will get a lot smaller. it would hurt middle-class families and businesses that depend on your spending. congress can prevent it from happening. leaders are working on a way to prevent this tax hike on the middle class. if an agreement is reached i will urge the senate to hold an up or down vote to protect the middle class from the income- tax hike. it could pass both houses a bipartisan majority. but they still want to vote no, that is their prerogative. they shall let everybody else vote as well. we cannot afford a politically self-inflicted wound. the housing market is healing. the unemployment rate is the lo
Search Results 0 to 29 of about 30 (some duplicates have been removed)